The FTX Token price plummeted more than 8% over the past 24 hours to trade at $2.07 as of 8:25 am EST as investors dump the native token of the collapsed FTX platform.
This 24-hour loss knocked the altcoin’s weekly performance down, resulting in the FTX Token price being down more than 11% over the past 7 days.
FTX Token Price Forms Breakout Pattern
Daily chart for FTT/USDT (Source: TradingView)
A symmetrical triangle has emerged on the daily chart for the FTX Token price, which could suggest that the cryptocurrency will break out in the short term. This was after it traded between $2.6815 and $5.6040 in an accumulation phase throughout the past week.
A potential confirmation of the FTX Token price breaking out towards the upside could be when it closes a daily candle above the triangle chart pattern that has formed on its chart. Traders will likely identify this as a positive development, triggering a possible capital injection for the altcoin. If this buying pressure is strong enough, the FTX Token price may attempt to flip the resistance level at $5.6040 into support. This will open up an opportunity for the cryptocurrency’s value to climb to pre-collapse levels at around $21.
Given the rapid decline of the FTX Token price shortly after FTX filed for bankruptcy, it is unlikely to reach the $21 mark soon. This does not mean that the cryptocurrency could not break out in the short term, especially given the accumulation phase it has been in over the past few days.
FTX Token Price: Steep Drop Likely
Before getting too excited, traders and investors may want to note that technical indicators on the cryptocurrency’s daily chart favored a more bearish scenario. The Moving Average Convergence DIvergence (MACD) and the Relative Strength Index (RSI) indicators suggested that the FTX Token price may continue to fall in the next 24-48 hours.
A potential continuation of the cryptocurrency’s negative trend could be signaled in the coming few days, as the MACD line was closing in on the MACD Signal line. The negative slope of the MACD Histogram supports this bearish thesis.
Buyers are also losing strength, as indicated by the RSI line, which was looking to cross below the RSI Simple Moving Average (SMA) line. These two lines crossing could be taken as a short signal by traders, leading to a drop in the FTX Token price in the short term.
If these bearish technical flags are confirmed and validated, the altcoin may retest the immediate support level at $2.6815. This will be a key level to watch. A break below this point may be followed by the FTX Token price tumbling to $1.4585 in the following days. In an extremely bearish scenario, the cryptocurrency’s value could reach as low as $0.9635.
While the FTX Token price slumped today, Bitcoin ETF Token is headed in the opposite direction and could generate 10X returns for early-stage investors.
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Bitcoin ETF Token’s native cryptocurrency, BTCETF, is selling for just $0.0054. The cryptocurrency can be purchased on the project’s website using Ether (ETH), Tether (USDT), or bank card.
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